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Report IDs iris recognition as major growth market, ATMs as major user

March 21, 2017

A new report from Tractica, a market intelligence firm, forecasts that, driven largely by the growth of consumer use cases, the iris recognition market will expand from $676.6 million in 2016 to $4.1 billion by 2025.

During this period, annual worldwide iris recognition device shipments will increase from 10.7 million units to 61.6 million units annually, with 277.4 million cumulative shipments over 10 years, according to a press release from Tractica.

The consumer market will be the largest sector for iris recognition adoption, followed by government, healthcare, finance, healthcare, nongovernmental organizations, law enforcement and defense, the release said.

According to Tractica analysis, some of the major use cases will include consumer device authentication, pharmacy dispensing, ATM access, healthcare provider access, and aid distribution and fraud reduction.

"Iris recognition is now gaining traction as a secure and consumer-friendly biometric modality, thanks to growing competition and innovation as well as successful pilot projects around the world," Keith Kirkpatrick, a principal analyst at Tractica, said in the release.

An executive summary of the report, Iris Recognition, is available for free download at www.tractica.com/research/iris-recognition/